RMR Mortgage Trust completes initial $ 19.7 million mortgage bridge loan for the acquisition of Laurel 42 Apartments in Portland, Oregon
NEWTON, Mass .– (COMMERCIAL THREAD) –RMR Mortgage Trust (Nasdaq: RMRM) today announced the closing of a $ 19.7 million variable rate bridge loan to finance the acquisition of Laurel 42, a 100 unit apartment building located at 4242 NE Halsey Street in Portland, Oregon . The loan is structured with an initial term of three years and two options for one year extension, subject to the borrower meeting certain conditions. director of RMRM, Capital Immobilier Tremont, was brought into the transaction by IPA Capital Markets, a Marcus & Millichap company.
Tom lorenzini, President of RMRM, made the following statement:
“We are pleased to announce the closing of this first mortgage secured by a Class A multi-family property located in the middle of the Hollywood district in downtown Portland. This loan further diversifies RMRM’s investment portfolio and expands our loan portfolio to nearly $ 300 million of committed capital. We look forward to continuing to grow the RMRM portfolio and generate attractive, risk-adjusted returns for our shareholders.
RMR Mortgage Trust (Nasdaq: RMRM) is a real estate finance company that creates and invests in senior mortgages secured by middle and bridging commercial real estate. RMRM is managed by a subsidiary of Le Groupe RMR Inc. (Nasdaq: RMR). Almost all of RMR’s business is carried out by its majority-owned subsidiary, The RMR Group LLC, which is an alternative asset management company with $ 32 billion in assets under management and over 35 years of institutional experience. in the purchase, sale, financing and operation of commercial real estate. field. For more information on RMRM, please visit www.rmrmortgagetrust.com.
Tremont Realty Capital, on behalf of its sources of capital, Tremont Mortgage Trust (Nasdaq: TRMT) and RMR Mortgage Trust (Nasdaq: RMRM), is a direct lender that invests in middle market guaranteed loans and bridging commercial real estate. Tremont Realty Capital is the trading name of Tremont Realty Advisors LLC, which is a subsidiary of The RMR Group (Nasdaq: RMR). For more information on Tremont Realty Capital, please visit www.tremontcapital.com.
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This press release contains statements that constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 and other securities laws. In addition, whenever RMRM uses words such as “believe”, “expect”, “anticipate”, “intend”, “plan”, “estimate”, “will”, “can” and negatives or derivatives of such expressions or similar expressions, made forward-looking statements. These forward-looking statements are based on RMRM’s current intention, beliefs or expectations, but forward-looking statements are not guaranteed to occur and may not occur. Actual results may differ materially from those contained in or implied by RMRM’s forward-looking statements due to various factors. Forward-looking statements involve known and unknown risks, uncertainties and other factors, some of which are beyond RMRM’s control. For example:
This press release refers to recently concluded loans and future plans to expand RMRM’s business as a commercial mortgage REIT and pursue its investment objective, which may imply that RMRM will enter into additional loans, that it will meet its investment objective and that its business will continue to improve. Therefore. However, RMRM’s business and its ability to execute loans and achieve its investment objective are subject to various risks, including the competitive nature of the industry in which it operates, as well as other factors, many of which are beyond the control of its control, such as the covid19 pandemic. These risks and other factors may prevent RMRM from successfully entering into additional loans, carrying out new operations and achieving its investment objective. In addition, once RMRM invests or commits its remaining capital, its ability to continue to grow and finance loans will be subject to its ability to raise profitable additional capital or to redeploy the proceeds from repayments of its investments in the form of loans. ready.
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A statutory Maryland trust with transferable beneficial interest shares listed on the Nasdaq.
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